What is the difference between a minimum wage and a prevailing wage?

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Are employers allowed to set a different hourly wage for part-time and full-time employees?
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Are employers allowed to pay tipped and non-tipped employees different wages?
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Are employers allowed to pay employees differently based on their job duties?
What is the difference between exempt and nonexempt employees?
How should employers calculate overtime pay for employees who work multiple jobs?
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What is the penalty for not paying employees the minimum wage?

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